The stock of Dravo Corporation currently pays a dividend (D₀) at the rate of $2.5 per share. This dividend is expected to increase at a 12 percent annual rate for the next 3 years, at a 9 percent annual rate for the following 2 years, and then at 5 percent per year thereafter. What is the value of a share of stock of Dravo to an investor who demands a 24 percent rate of return on this stock? Use Table II to answer the question. Do not round the intermediate calculations. Round your answer to the nearest cent.

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